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Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Acquisitions

The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction:

						Estimated Fair Value
						(dollars in thousands)
Cash payment received from FDIC						$	809,920
Assets acquired:
Cash and due from banks						208,451
Investment securities						1,938,571
Loans						2,495,810
Premises and equipment						184
CDI						92,600
FHLB Stock						37,931
Accrued interest receivable						16,164
Other assets						10,179
Total assets						4,799,890
Liabilities assumed:
Deposits						4,112,143
Borrowings						1,413,751
Accrued interest payable						33,444
Other liabilities						2,641
Total liabilities						5,561,979
Net assets acquired:						(762,089)
Gain on acquisition, before income taxes						$	47,831
Gain on acquisition, net of income taxes						$	36,996

The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans at the Acquisition Date:

						April 26, 2024
						Unpaid Principal Balance						Estimated Fair Value
						(dollars in thousands)
Real estate - commercial mortgage						$	1,384,029					$	1,234,409
Commercial and industrial						310,190						279,309
Real-estate - residential mortgage						947,144						752,331
Real-estate - home equity						90,882						84,369
Real-estate - construction						149,047						142,768
Consumer						2,638						2,624
Total acquired loans						$	2,883,930					$	2,495,810

The following table summarizes PCD Loans acquired in the Republic First Transaction as of the Acquisition Date:

						April 26, 2024
						(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition						$	1,014,559
Fair value of loans with deteriorated credit quality at acquisition						895,588
Fair value discount						118,971
PCD Loans credit discount						(54,631)
Non-credit discount						$	64,340

Schedule of Acquisition-Related Expenses

The following table details the costs identified and classified as acquisition-related expenses:

						Year ended December 31, 2024
						(dollars in thousands)
Salaries and employee benefits						$	2,023
Net occupancy						10,085
Professional fees						11,439
Charitable donation			Charitable donation			5,000
Other						9,088
						$	37,635

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Schedule of Acquisition-Related Expenses

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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